Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage.
PROPERTY COVERAGE
Pays for damage to or theft of your car
LIABILITY COVERAGE
Pays for your legal responsibility to others for bodily injury or property damage
MEDICAL COVERAGE
Pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage.
PROPERTY COVERAGE
Pays for damage to or theft of your car
LIABILITY COVERAGE
Pays for your legal responsibility to others for bodily injury or property damage
MEDICAL COVERAGE
Pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months or a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium. In Ohio, it is illegal to drive any motor vehicle (or allow another person to drive) without insurance or other proof of financial responsibility. Ohio also requires certain minimum auto insurance coverage including Bodily Injury Liability as well as Property Damage Liability Coverage. While the state dictates this minimum, motorists are highly encouraged to obtain more than minimum coverage.
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months or a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium. In Ohio, it is illegal to drive any motor vehicle (or allow another person to drive) without insurance or other proof of financial responsibility. Ohio also requires certain minimum auto insurance coverage including Bodily Injury Liability as well as Property Damage Liability Coverage. While the state dictates this minimum, motorists are highly encouraged to obtain more than minimum coverage.
Beyond the minimum coverage required by most states, the main purpose of auto insurance is protecting yourself financially from unforeseen events. If you’re in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it. If you or any passengers are injured in an accident, medical costs can be extremely expensive. If you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth. Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.
Beyond the minimum coverage required by most states, the main purpose of auto insurance is protecting yourself financially from unforeseen events. If you’re in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it. If you or any passengers are injured in an accident, medical costs can be extremely expensive. If you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth. Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.
Your Independent Agent is an advocate for finding auto insurance that meets your specific needs. Here are a few things to consider as you prepare for the discussion:
Your Independent Agent is an advocate for finding auto insurance that meets your specific needs. Here are a few things to consider as you prepare for the discussion:
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